IDEAS home Printed from https://ideas.repec.org/p/ubc/bricol/mauricio_drelichman-2015-18.html
   My bibliography  Save this paper

Duplication without Constraints: Alvarez Nogal and Chamley’s Analysis of Debt Policy under Philip II

Author

Listed:
  • Drelichman, Mauricio
  • Voth, Hans-Joachim

Abstract

Carlos Alvarez-Nogal and Christophe Chamley (henceforth AC) recently published a paper in the Economic History Review on “Debt policy under constraints: Philip II, the Cortes, and Genoese bankers†. In this note, we show that several claims in their article are very similar to earlier research results, published or circulated long before AC’s original submission, by ourselves and other scholars. These results are repeated without attribution or even mention of the earlier work. In addition, we show that what AC present as new quantitative insights are actually replications of earlier results of ours. Finally, AC misrepresent our contributions, as well as those of several other scholars.

Suggested Citation

  • Drelichman, Mauricio & Voth, Hans-Joachim, 2015. "Duplication without Constraints: Alvarez Nogal and Chamley’s Analysis of Debt Policy under Philip II," Economics working papers mauricio_drelichman-2015-, Vancouver School of Economics, revised 02 Sep 2015.
    • Handle: RePEc:ubc:bricol:mauricio_drelichman-2015-18
    as

    Download full text from publisher

    File URL: http://econ.sites.olt.ubc.ca/files/2015/09/pdf_drelichman_duplication_without_constraints.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Carlos Álvarez-Nogal & Christophe Chamley, 2014. "Debt policy under constraints: Philip II, the Cortes, and Genoese bankers," Economic History Review, Economic History Society, vol. 67(1), pages 192-213, February.
    2. Mauricio Drelichman & Hans‐Joachim Voth, 2011. "Lending to the Borrower from Hell: Debt and Default in the Age of Philip II," Economic Journal, Royal Economic Society, vol. 121(557), pages 1205-1227, December.
    3. Avner Greif & Lynne Kiesling & John V. C. Nye, 2015. "Institutions, Innovation, and Industrialization: Essays in Economic History and Development," Economics Books, Princeton University Press, edition 1, number 10365.
    4. Regina Grafe, 2012. "Distant Tyranny: Markets, Power, and Backwardness in Spain, 1650-1800," Economics Books, Princeton University Press, edition 1, number 9625.
    5. repec:hal:pseose:halshs-00941859 is not listed on IDEAS
    6. Drelichman, Mauricio & Voth, Hans-Joachim, 2010. "The Sustainable Debts of Philip II: A Reconstruction of Castile's Fiscal Position, 1566–1596," The Journal of Economic History, Cambridge University Press, vol. 70(4), pages 813-842, December.
    7. Chamley, Christophe, 2011. "Debt policy under constraints between Philip II, the Cortes and Genoese bankers," IFCS - Working Papers in Economic History.WH wp11-06, Universidad Carlos III de Madrid. Instituto Figuerola.
    8. James Conklin, 1998. "The Theory of Sovereign Debt and Spain under Philip II," Journal of Political Economy, University of Chicago Press, vol. 106(3), pages 483-513, June.
    9. Townsend, Robert M., 1979. "Optimal contracts and competitive markets with costly state verification," Journal of Economic Theory, Elsevier, vol. 21(2), pages 265-293, October.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Álvarez-Nogal, Carlos & Chamley, Christophe, 2016. "Philip Ii Against The Cortes And The Credit Freeze Of 1575-1577," Revista de Historia Económica / Journal of Iberian and Latin American Economic History, Cambridge University Press, vol. 34(3), pages 351-382, December.
    2. Mauricio Drelichman & Hans-Joachim Voth, 2016. "Duplication without constraints: Álvarez-Nogal and Chamley's analysis of debt policy under Philip II," Economic History Review, Economic History Society, vol. 69(3), pages 999-1006, August.
    3. repec:cte:whrepe:wp15-07 is not listed on IDEAS
    4. Drelichman, Mauricio & Voth, Hans-Joachim, 2011. "Serial defaults, serial profits: Returns to sovereign lending in Habsburg Spain, 1566-1600," Explorations in Economic History, Elsevier, vol. 48(1), pages 1-19, January.
    5. Chamley, Christophe, 2011. "Debt policy under constraints between Philip II, the Cortes and Genoese bankers," IFCS - Working Papers in Economic History.WH wp11-06, Universidad Carlos III de Madrid. Instituto Figuerola.
    6. Freire Costa, Leonor & Münch Miranda, Susana & Nogues-Marco, Pilar, 2021. "Early modern financial development in the Iberian peninsula," Working Papers unige:147492, University of Geneva, Paul Bairoch Institute of Economic History.
    7. Carlos Álvarez-Nogal & Christophe Chamley, 2014. "Debt policy under constraints: Philip II, the Cortes, and Genoese bankers," Economic History Review, Economic History Society, vol. 67(1), pages 192-213, February.
    8. Adrian R. Bell & Chris Brooks & Tony K. Moore, 2014. "The credit relationship between Henry III and merchants of Douai and Ypres, 1247–70," Economic History Review, Economic History Society, vol. 67(1), pages 123-145, February.
    9. Christiaan Bochove, 2014. "External debt and commitment mechanisms: Danish borrowing in Holland, 1763–1825," Economic History Review, Economic History Society, vol. 67(3), pages 652-677, August.
    10. Leticia Arroyo Abad & Nuno Palma, 2020. "The Fruits of El Dorado: The Global Impact of American Precious Metals," Working Papers 0179, European Historical Economics Society (EHES).
    11. Adam Brzezinski & Yao Chen & Nuno Palma & Felix Ward, 2024. "The Vagaries of the Sea: Evidence on the Real Effects of Money from Maritime Disasters in the Spanish Empire," The Review of Economics and Statistics, MIT Press, vol. 106(5), pages 1220-1235, September.
    12. Mark Aguiar & Manuel Amador, 2013. "Sovereign Debt: A Review," NBER Working Papers 19388, National Bureau of Economic Research, Inc.
    13. Drelichman, Mauricio & Hans-Joachim, Voth, 2015. "Returns to Investing in Sovereign Debt: a Response to Alvarez Nogal and Chamley," Economics working papers mauricio_drelichman-2015-, Vancouver School of Economics, revised 02 Sep 2015.
    14. Mauricio Drelichman & Hans-Joachim Voth, 2015. "Risk sharing with the monarch: contingent debt and excusable defaults in the age of Philip II, 1556–1598," Cliometrica, Journal of Historical Economics and Econometric History, Association Française de Cliométrie (AFC), vol. 9(1), pages 49-75, January.
    15. Víctor M. Gómez‐Blanco, 2024. "A safe asset in early modern Castile, 1543–1714," Economic History Review, Economic History Society, vol. 77(1), pages 212-243, February.
    16. Leonor Freire Costa & Susana Münch Miranda, 2023. "Reputational recovery under political instability: Public debt in Portugal, 1641–83," Economic History Review, Economic History Society, vol. 76(3), pages 871-891, August.
    17. Mauricio Drelichman & Hans‐Joachim Voth, 2011. "Lending to the Borrower from Hell: Debt and Default in the Age of Philip II," Economic Journal, Royal Economic Society, vol. 121(557), pages 1205-1227, December.
    18. Giulia Meloni & Johan Swinnen, 2022. "Globalization and political economy of food policies: Insights from planting restrictions in colonial wine markets," Applied Economic Perspectives and Policy, John Wiley & Sons, vol. 44(2), pages 766-787, June.
    19. Mitchener, Kris & Trebesch, Christoph, 2021. "Sovereign Debt in the 21st Century: Looking Backward, Looking Forward," CEPR Discussion Papers 15935, C.E.P.R. Discussion Papers.
    20. Johnson, Noel D. & Koyama, Mark, 2017. "States and economic growth: Capacity and constraints," Explorations in Economic History, Elsevier, vol. 64(C), pages 1-20.
    21. repec:ces:ifodic:v:11:y:2013:i:3:p:19099075 is not listed on IDEAS
    22. António Henriques & Nuno Palma, 2023. "Comparative European Institutions and the Little Divergence, 1385–1800," Journal of Economic Growth, Springer, vol. 28(2), pages 259-294, June.

    More about this item

    Keywords

    Philip II; sovereign debt; defaults;
    All these keywords.

    JEL classification:

    • N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-
    • N44 - Economic History - - Government, War, Law, International Relations, and Regulation - - - Europe: 1913-
    • G13 - Financial Economics - - General Financial Markets - - - Contingent Pricing; Futures Pricing
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ubc:bricol:mauricio_drelichman-2015-18. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Maureen Chin (email available below). General contact details of provider: http://www.economics.ubc.ca/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.